Examining details of US exemptions on buying Iranian crude oil: MEA

At a gathering scheduled for this weekend in Abu Dhabi, OPEC and allied producers will discuss scenarios including a second production U-turn that would curb output next year, according to delegates.

The United States is determined to push Iranian oil exports to zero, US Special Representative Brian Hook said on Wednesday, through a "calibrated" approach using maximum economic pressure without lifting oil prices.

Oil markets initially rebounded on Wednesday from their lowest level since August after reports emerged of plans by leading producers Russian Federation and Saudi Arabia to curtail production next year to reverse a recent price plunge.

"We have seen the USA notification including India in the list of countries granted Significant Reduction Exemption for continued purchase of Iranian crude oil without attracting United States sanctions", Ministry of External Affairs' (MEA) Spokesperson Raveesh Kumar said. Growing U.S. supplies "add to rising concerns of output", while "the meeting over the weekend between OPEC and Russian Federation may set the tone for the next OPEC meeting in December".

The January futures for Brent on London's ICE Futures exchange at 12:21 in Kyiv fell by $0,84 (1,19%) to $69,81 per barrel. Prices are also on course for a fifth weekly drop, down 2.8 per cent. The global benchmark crude traded at a $9.93 premium to WTI for the same month.

Global benchmark Brent crude was trading 67 cents lower at $69.98, down 1 percent for the day and more than 19 percent from its recent high.

Preventing crude from rising further, however, was record USA crude production, which hit a whopping 11.6 million bpd in the week ending Nov 2, according to Energy Information Administration (EIA) data released on Wednesday. Domestic production surged to a record 11.6 million barrels a day, while stockpiles at the key storage hub in Cushing, Oklahoma, climbed by 2.42 million barrels. When they meet this weekend, the producers will have to contend with not only the threat of a glut, but also the risk to demand from faltering emerging-market economies and a trade war between the USA and China. Of the fleet's 4,749 ships, 35 per cent are oil tankers. That policy, in place since 2017, helped end a historic oil price collapse that punished USA energy companies and oil-exporting nations alike.

The physical market will start to tighten once Iranian oil finds it hard to reach customers, said the report released by the US JP Morgan Bank.

Comments

Latest Posts

John Dean: Sessions firing seems 'planned like a murder'
Whitaker should recuse himself from its oversight for the duration of his time as acting attorney general ", Schumer said. They now have subpoena power over things like Mr Trump's tax returns and have indicated they are willing to use it.

Intense videos show the Camp Fire ravaging Northern California
Butte County Sheriff Kory Honea said some people at the hospital were trapped in a tunnel. "I'm driving through fire as we speak. An evacuation warning was issued for parts of Chico Thursday night as the Camp Fire blazed toward the city of 90,000 people.

Woman Who Lived in Kenyan Refugee Camp Wins USA Elections
Rashida, who is associated with a socialist group within the Democratic Party, is also very popular in this constituency. Boston City Councilwoman Ayanna Pressley will represent Massachusetts' 7th Congressional District in the next Congress.

Raptors win 124-111 against Jazz
But Rondo was doing a really nice job of just being a point guard out there, so we stuck with Rondo. The Raptors (9-1) came out hot and led the Lakers by 31 at one point in the first quarter.

Scott about Broward’s election swamp |Tim Canova
Snipes claimed that this was because of the high volume of mail-in ballots which arrived before the deadline on Tuesday. Republican Rick Scott , who claimed victory on Tuesday, is suing officials over an election recount.

People Are Furious A Video Game Was Announced
To not launch a new PC version of a Diablo game is slapping the face of consumers, and the title's more than 20 year legacy. Blizzard is working with NetEase on the development of the game, and NetEase is known for free-to-play games.

US emergency directive after Boeing jet crash in Indonesia
Lion Air is one of Indonesia's youngest airlines but has grown rapidly, flying to dozens of domestic and global destinations. The 737 Max, the fastest-selling plane in Boeing history, is the latest version of the company's 737 family of jets.

Apple's Confusing Mac Lineup: MacBook Air vs. MacBook
It also has an "A12X Bionic chip with next-generation Neural Engine in iPad Pro", which outperforms most PC laptops. Unlike older forms of USB, the new USB-C port in the iPad Pro allows for the transfer of both power and data.